St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-21
Annual Meeting and Election of OFF,
GERS Held at the st. Paul Head
quarters Yesterday.
The Proposition Submitted Some Time
Ago, to Raise Two Millions for
improvements, Adopted.
What the Move Means in Connection
With the Roads History and
Future Prospects.
An Alleged Authentic Statement Re-
garding the Big Deal in Bal
tiln0re & Ohio.

Yesterday the annual meeting of the
stockholders of the ST. Paul & Duluth
road was held at the headquarters of the
road in st. Paul. The whole number of
votes cast represented 34.21S shares of
common stock and 3S,255 shares of pre-
ferred. The common stock voted one
vote for every three shares, but nothing
for any fraction or fractions of three,
and the preferred voted one for every
share. The following officers were
elected:
President-William III. Fisher ST. Paul
Vice President-William II. Rhawn, Phila-
delphia.
General Solicitor-James Smith. Jr.. St.
Paul.
Secretary and Treasurer-Phillip S. Harris,
st. Paul.
Assistant Secretary-Calhoun Latham, New
York.
Directors-William H. Fisher, st. Paul;
William II. Rhawn, Philadelphia; James
Smith, Jr., st. Paul; Charles d. Drake, Wash
ington; James NJ Earle, Philadelphia: Octa-
son, st. Paul; John A. Gwynne, New York;
George F. Baker, New York.
Executive Committee-William Rhawn,
James M. Earle, James Smith, Jr., William
Dawson, William III. Fisher.
1t was resolved that it was necessary,
to accommodate the increasing business
OF the road, that it have additional ter
mlnaI facilities, equipment and tracks,
and that the grades and curves on the
road should be reduced, besides other
expenditures, costing upwards of 50, ,0OO,-
600, in accordance with the action of the
stockholders at meeting Feb. 5 last.
That resolution provided that this money
be raised under the following PROPOSE
tiOnS:
First-The temporary application of the
income from lands and stumpage to neces-
sary improvements.
SecOnd-The increase and sale of the com
mon stock at not less than par to the full
amount provided in the articles of incorpora-
ton and the plan of reorganization, namely,
$4,000 being an increase of nearly
$1,000, 600.
Third-Authorize the board of directors TO
borrow $20O0,OO0 upon mortgage bonds of
the company.
Fourth-Assent to the organization of
terminal railroad or other like company TO
furnish such terminals, equipment tracks
and other facilities the stock Of which shall
be owned by this company, with authority to
the beard of directors Of this company to
guarantee the principal and interest of bonds
of said terminal or other company to the
amount of $2.000,000.
1t was also resolved that the amount
be raised under the second, third and
fourth propositions above set forth, not
to exceed S2,000,000.
a DIVIDEND.
The following resolution was referred
to committee CT five, consisting of w.
III. RhaWn, of Philadelphia; Charles B.
Drake. of Washington, d. c.: James
Smith Jr., st. aul; John A. Gwynne,
New York: Richard Barring Gould, New
York:
Resolved, That a dividend ought to be de-
clared to the common stockholders if. on in
vestigation, it be found that they had be-
1pUo ll1-o md
and in order to ascertain whether they have
become so entitled, a committee of five stock
holders be appointed, who shall examine
and report to the meeting as to whether the
common stockholders have become so en-
title TO any dividends and if SO, to what
amount
The meeting then adjourned till to-
morrow. The above is the substance of
the business transacted at the meeting
yesterday, but it needs little explana-
ton to understand. j. j. Hill and
Henry Upham, of st. Paul, and Charles
Falrchild, OF Boston, were left off the
board of directors, and Mr.. Hill has dis
posed of his stock, or all but very
small portion of it. Eighteen or twenty
years ago, when the road was built,
those who built it had no money to
speak of, and were compelled to con-
Struct it just as cheaply as they could,
and the consequence was that the road
was laid over the hills and through the
valleys with just as little grading as
possible. The result has been that it
was a very rough road, hard to haul
freight over. Some of the crookedness
and bad grading of the road has been
obviated, but it is not in good condition
by a good deal. Business on it has
largely increased, and the road during
the last few years, under the manage
ment OF Mr.. RhaWn, James Smith, Jr.,.
President Fisher and some others,
has made money and come to be one
OF the most important short roads in
the country. 1t is also very indepen-
dent piece of road. When it fixes the
rates the other roads are compelled to
come Immediately to the terms named
by the st. Paul d Duluth. Some of the
stockholders and managers, such as
those last named, have been struggling
to have the grades reduced to the mini
mum and the crooked places made
straight, so that, as Mr.. Fisher, the
president, has estimated and shown to
the directors, they could haul twice the
number of cars with one engine that
they now haul, and do greal deal more
business with
HALF THE EXPENSE
now incurred. Though this has been
demonstrated, obstacles have been
thrown in the way of all these improve
mcnts, and the men who desire to push
the road forward and cause it to make
money have been prevented by
all sorts of underhand ways.
AS last resort one of the
small stockholders who bought few
dollars worth of stock when it was
worth not more than 10 cents on the dol
lar, commenced suit in the United
States court to obtain an injunction
against the road to prevent it from
making the contemplated improve
mentS. His whole stock would not pay
the expenses of the suit for single
term. That there was some railroad in
terested in putting the party to the suit
up to the business has always been be-
lieved by those managers of the st. Paul
IL Duluth who have been anxious to
make these needed improvements. 1t
looks now as though some of the stock
holders had been enlightened and con-
vinced that in opposing the proposed
improvements they had been standing
in their own light and that they ought
to be carried forward to completion.
The Baltimore & Ohio.
CINCINNATI. O.. June 2O.-The Com